The media-entertainment giant called the move "a strategic shift in the way we distribute our content" in an industry moving to online services. Well, unless you're a cinephile looking for dramas or classic film, although in that case Netflix also falls way short. Currently, Netflix has an exclusive streaming deal with Disney for its films, but that agreement is now set to close at the end of 2018.

Disney will be trying to enter the video streaming market in 2019 the company has announced. Argent Capital Management LLC's holdings in Walt Disney Company (The) were worth $804,000 at the end of the most recent reporting period.

The first batch of movies that will be featured upon its release will be from the 2019 theatrical slate, and will include Toy Story 4, the sequel to Frozen, and live-action remake of The Lion King.

BAMTech CEO Michael Paull - a former senior video exec at Amazon who joined earlier this year - will report to Kevin Mayer, Disney's senior executive VP and chief strategy officer. Originally launched in 2000, the MLB's interactive media and Internet company was created to run the league's team websites.

While this could mean practically nothing for fans once it actually arrives as a consumer product, the ways in which Disney decides to monetize their current sports holdings could shake things up in the sports streaming world.

It will pay BAMTech an additional $1.58 billion for a total 75 percent stake in the company. The stock has a market cap of $167.41 billion, a PE ratio of 18.66 and a beta of 1.40.

The start dates are for the USA, but Mr Iger said Disney expects to pursue similar moves in other markets around the world. "The profitability (and) the revenue-generating capability of this initiative is substantially greater than the business models that we are now being served by", Iger said. The company attributed the slide to higher programming costs, lower advertising revenue, and severance and contract termination costs. The business had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $13.44 billion.

The BAMTech transaction is expected to be modestly dilutive to Disney's earnings per share for two years. Year over year, third-quarter earnings for the period ending July 1 were down about 2%, from $1.62 a year ago.

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